The sizzle index on Etsy hit 7.37 yesterday. Today it dropped back to 0.4. That one-day spike tells you everything. Someone knew something and positioned before the rest of the market caught on. I've tracked unusual options activity for decades. A reading that extreme doesn't happen randomly. The ca
Active equity mutual funds just recorded their 11th consecutive year of outflows. This year alone, $1 trillion fled into passive index funds. That's not a typo. One trillion dollars abandoned stock pickers for autopilot investing. I've traded for 38 years. I've never seen concentration risk like thi
I was fully invested in 2001. You can tell what happened to me. The dot-com bubble burst, and I watched my portfolio evaporate. Then I tried to play that game again in 2007. We ran up, and I got fully invested again. We all know what happened there. Fool me twice, shame on me. I
This is a dangerous market. I told you five weeks ago there was zero chance of a selloff. Nothing has changed. Yet, I know many traders feel the need to “find” setups before 2026. That’s a great way to obliterate any gains you achieved in 2025. The market is frozen in a block of ice
I'm short Las Vegas Sands at 67. Caesars is down. Wynn has been sliding all month. The entire casino sector is underperforming while the S P grinds higher. Nobody's asking why. The answer isn't in the charts. It's in Washington. Lobbyists are pushing to regulate and slow down the proliferation of ga
Pull up the four-hour MACD on the S P 500. You can draw a straight line across it. That horizontal line tells you everything about this market. The algorithms have locked us in a range between 6,800 and 6,900. They will not let it die. I keep thinking about the 1990 horror film Flatliners. Medical
I can count the cheap technology stocks on one hand. Out of a thousand names, almost nothing qualifies as a buy right now. Valuations stretched beyond reason. Multiples that would make any fundamental analyst cringe. Then an analyst came out this weekend and said something I actually agree with. Ado
I finished my last undergrad class this semester. Done teaching at Loyola until January when the grad course picks back up. Walking through campus in that freezing wind, I kept thinking about something Shaquille O'Neal said. An interviewer asked him about being worth half a billion dollars. Shaq sai
FedEx delivered earnings yesterday. They beat estimates by 20%. The stock reversed $27 intraday and closed in the red. I got two emails last night from traders who bought the after-hours spike. They wanted to know what went wrong. I told them the same thing I've told everyone for 38 years. Never, ev
